
function
The Finance Department of Telecom Foundation is responsible for overseeing the foundation's entire financial reporting, planning, and analysis. This function ensures transparency, compliance, and accuracy in the presentation of Telecom Foundation’s financial health to stakeholders.
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Accounts Preparation: Oversees financial reporting, planning, and analysis, preparing five key financial statements: balance sheet, income statement, cash flow statement, changes in equity, and notes to accounts.
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Taxation: Calculates taxes, files income tax returns, withholds tax on salaries and vendor payments, generates tax challans, and ensures compliance with FBR regulations.
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Budgeting: Prepares annual budgets for each department, allocating resources to ensure financial stability.
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Fund Management: Manages Telecom Foundation's bank accounts, ensures timely fund transfers for salaries, project funding (e.g., solar projects), and operational expenses.
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Bookkeeping: Maintains accurate records of financial transactions for audit and reporting purposes.
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Audit Coordination: Ensures external audits (currently by BDO and AGPR) are smoothly conducted to maintain compliance and transparency.
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Feasibility Studies: Conducts financial analysis and evaluations for corporate projects to guide decision-making.


organization
The Finance Department is headed by the Executive Vice President (EVP-Finance), who oversees both the headquarters and regional offices. The department includes managers, senior managers, assistant managers, and graduate trainees, ensuring seamless operations and financial oversight. The department operates centrally from the headquarters in Islamabad, providing financial oversight and support to regional offices in Lahore, Karachi, and other locations.
Headquarters Support to Regional Offices:
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Strategic Direction and monitoring: Develops financial policies and overseas and monitors the 5-year strategic master plan to ensure regional alignment with organizational objectives
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Resource Allocations: Facilitates resource allocation for salaries, operational expenses, and special projects to the regional offices.
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Financial Reporting: Consolidates data from regional offices into unified financial statements and provides guidance on budget preparation, audit preparation, fund allocation, and expenditure management to regional offices.
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Recovery Monitoring: Ensures timely recovery of payments, refunds of bid securities, guarantees, and other receivables.
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Training and Compliance: Provides capacity-building programs and monitors internal controls to ensure consistency in financial processes across all locations.
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Technical Support: Provides technical support for financial software, including troubleshooting for complex financial operations.
milestones
&
achievements
The Finance Department has consistently delivered on its operational responsibilities, ensuring effective oversight and compliance over the years:
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Successful Implementation of Telecom Foundation’s 1st ever 5-year Strategic Master Plan (2020-2024).
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Clean Audit Reports: Achieved successful external audits (conducted by PWC, AGPR, BDO and others) for all financial years, reflecting transparency and compliance.
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Effective Project Monitoring: Implemented rigorous stage-wise financial evaluation and monitoring of all ongoing projects.
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Strengthened Internal Controls: Maintained robust financial control mechanisms to ensure accuracy, compliance, and accountability.


Roadmap
The Finance Department’s roadmap is focused on financial sustainability and impactful initiatives. Key initiatives:
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Implementation of Digitalized Accounting Processes:
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Transition to paperless operations by implementing advanced Odoo (ERP) system and automate reporting, budgeting, and transaction processing to reduce manual errors and improve efficiency.
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Enhanced Oversight & Monitoring:
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Develop a structured, stage-wise monitoring system for all organizational projects to ensure accountability and transparency.
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Oversee regular evaluation of financial performance to identify risks and improve decision-making.
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Development of Revenue Optimization & Cost Management Strategies:
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Explore new investment opportunities in corporate finance projects to diversify revenue streams.
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Optimize rental property management to maximize income, optimize expenditures, and ensure financial stability.
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Strengthened Financial Oversight:
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Enhance audit processes by improving collaboration with external auditors like BDO and A.F. Ferguson.
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Strengthen internal controls by implementing standardized procedures across regional offices and develop advanced risk management frameworks.
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Implementation of Capacity-Building Initiatives:
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Organize training programs for finance staff to enhance skills in modern financial tools and techniques.
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Collaborate with industry experts for workshops on best practices in financial management.
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